Lorenzo Bertelli of Prada on what’s next

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He’s the son of Miuccia Prada and Patrizio Bertelli — large sneakers to fill. However Lorenzo Bertelli, 32, a former rally automobile driver, has realized as quick because the vehicles he as soon as raced and has emerged in a central function operating advertising and company social accountability at Prada Group.

Bertelli, who got here on board along with his mother and father’ enterprise in 2017, has large plans for Prada. The present listing features a doable transfer into resale, making profitability and sustainability align, and assembly a broader client base with a brand new emphasis on open dialogue, led by Prada’s new co-creative workforce of Miuccia Prada and Raf Simons.

“The technique is to be able to take the enterprise [forward] when all people comes again to normalise as a result of we are able to see as quickly as they open, they’re hungry to spend their cash,” Bertelli says, talking to Vogue Enterprise from his Milan house through Zoom.

He’s seated in entrance of a wall of crusing memorabilia, watercolours and boat hull line drawings. Strict quarantine measures have stored him away from the thirty sixth America’s Cup in Auckland, the place the Luna Rossa Prada Pirelli superyacht is difficult quickly. That’s irritating, however Bertelli is upbeat about Prada, forecasting a secure second-half for luxurious.

Bertelli is over three years into his tenure overseeing advertising, with sustainability added extra not too long ago. His remit contains Miu Miu and Church’s and Automobile Shoe manufacturers, reporting to his mother and father, who’re co-CEOs.

Sustainability is core to his agenda — and sustainability, he believes, doesn’t require a sacrifice of profitability. He’s credited with pushing via a plan to section out nylon by the tip of this yr in favour of recycled nylon. “I feel Re-Nylon is the proof we are able to do one thing sustainable for our planet and make it related by way of income,” he says. “The largest message right this moment is the enterprise may be worthwhile and sustainable.”

Upcycled by Miu Miu, a set of classic clothes reworked and remodeled by Miu Miu, has been one other success that may proceed. Bertelli has additionally been engaged on a resale providing at Prada for over a yr and a half, more likely to be immediately owned by the corporate. “You will notice one thing related from us sooner or later,” he says. “It took us so much to work on one thing that would work that’s not only a advertising message, one thing that’s related.”

In future, Bertelli says the “largest sustainability problem” is to scale back carbon emissions, significantly via the availability chain. Encouraging suppliers to alter to sustainable supplies and vitality sources is the toughest activity. Extra authorities assist would assist, he says, whereas acknowledging that “it’s elementary large teams like us are the drivers of this alteration”.

Prada is on a roll proper now. In December, gross sales returned to pre-pandemic ranges, forward of the broader market. Regardless of enforced retailer closures, Prada Group is anticipated to report a revenue of €10 million on €2.4 billion of revenues when its annual outcomes are launched this week, in accordance with analyst estimates.

That efficiency has been boasted by a medley of strategic initiatives. They embody a drive to scale back wholesale and to chop again on markdowns plus a deal with reaching native prospects with a mixture of newer sustainable merchandise like Re-Version baggage. There’s additionally been the launch of a high-profile new period of co-creative path supported by Lorenzo’s advertising acumen.

Foremost within the listing of priorities of late for the younger inheritor has been responding to the pandemic with a brand new digital vogue present format. That included influencer viewing events and post-show conversations with Mrs Prada and Simons speaking frankly with college students and inventive trade figures corresponding to Marc Jacobs, filmmaker Lee Daniels and DJ Richie Hawtin aka Plastikman.

Bertelli is delighted with the outcomes. “Folks like being a part of the dialog and the fitting stability is to make individuals a part of the dialog however nonetheless retaining it related and fulfilling for people who find themselves not a lot concerned in vogue,” he says. The emphasis on open dialogue has resonated in an age of transparency — Prada’s social media metrics outpaced rivals over vogue month, Bertelli says. The technique will evolve to focus on a extra basic client excited by music, films, tradition and sport.

This empathetic response to the cultural temper has been famous by model specialists. “The model is coming into its personal once more,” says Rebecca Robins, chief studying and tradition officer at Interbrand. “Prada has been the maker of a collection of strikes which might be deeply in tune with the context by which we live, which we see mirrored within the model power.”

Analysts had been additionally impressed by Prada’s deal with native prospects throughout Western Europe and in China in 2020. Bertelli notes the excessive prices of selling in China however applauds the “open-minded” perspective of Chinese language shoppers. In Western Europe, he provides, “the patron is someway extra opinionated on what they need.” Amongst successes in Europe have been pop-up shops and new merchandise just like the Re-Version baggage. He’s betting gender-neutral wearables are again in — an American Categorical collaboration with architect Rem Koolhaas and artist Kehinde Wiley for a contactless bracelet is deliberate for later this yr.

Bertelli has proven a willingness to experiment with digital, given the shock launch of the Automobile Shoe model on Amazon’s Luxurious Shops. The luxurious sector has been cautious of this initiative, citing Amazon’s lack of luxurious expertise and the risk from counterfeits — and even alleging the platform may use brands’ data to make related merchandise priced cheaper. Bertelli explains that Automobile Footwear, which sells driving footwear for round €360, has no US retailer presence. The take a look at with Amazon’s Luxurious Shops, which is unlikely to be prolonged to different Prada Group manufacturers, was merely considered as a “good alternative”. Elsewhere, digital advertising is the main focus. “We attempt to be extra related with extra digital content material within the second half of the yr once we anticipate the market might be extra secure.”

Lorenzo Bertelli represents the way forward for Prada Group. Simply 20 per cent of Prada S.p.A. shares are listed, with the remaining 80 per cent held by household holding firm Prada Holding S.p.A. — right here is loads at stake for the elder son (his brother, Giulio, is a yr youthful).

“For me it’s only the start,” he says, looking forward to the following few years. “It’s not simply concerning the advertising however the entire (tradition) and actually with the ability to categorical this era… of our group to our client. After which on the finish you need to do higher by way of income.”

He’s not phased by any of the challenges forward. “I’m a really aggressive individual,” he says, noting the pressures from competitors within the luxurious trade. “I feel it’s what makes issues thrilling.”

Extra on this matter:

Prada’s new look: The appraisal

Prada is first in industry to sign sustainability-linked loan

Amazon’s big breakthrough into designer fashion